Cambi (Buy, TP: NOK24.00) - Investment case looks still intact
We view the Q4 execution issues and weak cash flow as short-term noise, given Cambi’s historical execution and preventive measures to be introduced for similar cost overruns, and its decision to exit the less profitable retail soil market. With weak cash flow and part of the dividend delayed until autumn on postponed milestone payments, we believe it would benefit from maintaining more cash to manage a higher working capital build. We still see a solid business case, and reiterate our BUY and NOK24 target price. We see the stock trading attractively at 2026–2027e and P/Es of 13.9–9.2x.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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